Quilo: Providing Next Generation Innovative Digital Banking Solutions

Rarely do you read a financial institution publication these days that doesn’t have an article about the digital revolution in banking. We are seeing a dramatic shift in the way customers borrow and access money, consolidate debt and shop online. FinTech type lenders are using Buy Now, Pay Later programs and other digital solutions to meet the demand of customers looking for efficient ways to do shopping and banking online. Community lenders need to look for fresh ways to engage customers but often face the same outdated products and programs. Financial institutions can now compete with new FinTech solutions while maintaining their loyal customer base who trust and appreciate established community financial institutions.

This is where Quilo comes in. Quilo is a digital personal installment loan that can be used to help financial institutions implement a Buy Now, Pay Later offering. These programs have increased in popularity in recent years to pay down credit card balances, replenish checking accounts for debit card purchases, and make a new purchase online or in store. Now community lenders can provide instant funds by originating and servicing installment loans through a phone app, granting a streamlined digital banking solution. Learn more about making the necessary investment and the benefits of online digital lending.

 Why Invest?

The number of online purchases is higher than ever and has adapted to the newer generations’ desire to make easy monthly payments online with no hidden fees. Banks and credit unions would be wise to seek digital strategies to attract these new customers and retain current ones by granting a new level of convenience for their banking products.

Lenders have lacked digital lending solutions for some time now. Investing in implementing a new online installment lending solution will help banks compete with the rapidly growing FinTech companies.

Many financial institutions don’t have a focus on consumer lending, but Quilo serves as an excellent opportunity to quickly build your consumer loan portfolio and capture 6% net interest margin on these loans. Many of your customers are already using Buy Now Pay Later from your competitors, it’s time to take back that profit your financial institution is losing out on!

Digital Lending Benefits

Digital installment loan offerings such as Quilo makes the experience of applying for an installment loan stress-free for both lender and customer. If the initial investment reasons weren’t enough to convince community banks to make the switch, consider the following advantages as well:

Attract New Millennial and Gen Z Clients – The leading consumers of Buy Now Pay Later installment payments are the younger generations. As customers who primarily use debit cards for most of their purchases, Millennials and Gen Z lean on installment payments instead of high interest credit cards for larger purchases.

No Core Dependency – Quilo doesn’t need to integrate with your current baking core, allowing your staff to control an all-digital loan portfolio with 24/7 access to any information needed.

Minimal Credit Risk – With Quilo, you’re in control. Set minimum credit scores for loans (soft pull of credit on each new Quilo user) and place daily lending limits. Quilo can monitor risks and suggestively adjust settings as needed to mitigate risk.

6% Net Profit for Community Financial Institutions – Stay competitive with a lower rate than credit card issuers while taking advantage of a low cost of funds to generate a high-yield ROA.

Speed Up Installment Loan Lending – Perhaps your institution is already in the lending business, but your application processes are slow, time consuming, and hardly generating any revenue. Don’t lose out on the thousands of installment loans being made each month and convert your process to the digital realm.

Mobile App Features

Ready to take the leap into the future with digital lending? Installment loan programs like Quilo provide a turn-key solution to meet the growing demands for small dollar lending. To get started with Quilo and mobile installment loans solutions, look to the experts at Red Rock Financial. Learn more about the platform here; otherwise, read more about the features below.

24/7 Technical Support
Get access to help whenever you need it with all day operational and technical support.

Legal Disclosures
Carry your important documents with you wherever you go, with easily accessible legal documentation at your fingertips, including loan disclosures, terms & conditions, and regulations.

Compliance Support
Ensure all your individual loans or entire portfolio meets requirements with provided compliance support reports.

Financial Reporting
Check on your performance at any time with individual or portfolio loan reports.

Loan Origination and Servicing

Origination and servicing can all be done on the app. These loans grant instant access to funds with no hidden fees for the consumer.

Staff Training

If you’re dealing with a learning curve, we provide interactive staff training to get everyone up to speed.

Launch a High-Growth Consumer Loan Portfolio with Red Rock Financial

At Red Rock Financial, we represent a system that offers an easy way for community financial institutions to provide instant installment loans and compete with the FinTechs! Consumers fill out a simple application (includes a soft credit pull) on their smartphone and are instantly approved for a loan of $250 – $9,999 to be used for new purchases (online and/or point of sale) or to pay off or pay down recent credit card purchases or replenish a debit card account. Your financial institution determines your risk tolerance parameters and profitability objectives – you are in total control.

Do you think our programs might work for your institution? Let’s start a conversation. You can get in touch with our team at (847) 867-3311 or via our online contact form.